do I register for Tax?
advise the tax office when you start in business. This
must be done within three months of commencement otherwise
a £100 fine will be imposed. This can be done
on line or by filling in the appropriate registration
form which is available from any tax office.
if I decide to employ someone?
you decide to employ someone you must register as an employer
Go to our Payroll
page for further information.
if you set up a Company and have no employees apart from yourself
as the director you still need to register as an employer.
I obliged to register for VAT?
You must register for VAT if you are
a taxable person and your annual turnover exceeds or
is likely to exceed £85,000. If your annual turnover
is less than the limits above you may still register
if you so wish but this is not compulsory.
For further information see the Value
Added Tax page.
tax number will I use?
you set up a Company the HM Revenue & Customs will issue
it with a separate Tax Reference Number. Individuals who do
not already have a Tax Reference Number then one will be issued
that will be a unique number which will not change in their
I keep the income tax relating to my business separate from
If you already have a job, you can pay the income tax due
on your business activities separately. Your income will of
course, be totaled for the purpose of determining the rate
at which you pay tax.
I keep my tax affairs separate from my spouse's ?
Yes. Under self assessment
each persons tax affairs are confidential and separate from
even husband or wife.